THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT WHERE OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. REQUIRED PRIOR TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN CAUSE SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING INVOLVES A HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED AMOUNTS. SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK DISCLOSURE IS AVAILABLE.

March 24, 1997

A trader should not swear eternal allegiance to either a bull or bear side. His concern lies with being right.

June --Yen: Selling pressure will be seen near 8299 Early this week. Above that a Resistance is near 8314 Where we would sell for a continuation of the trend lower. Use a stop close over 8355. Support is near 8189 which is critical, a trade under 8189 is an indication that the contract low of 8130 will be tested.

Early Resistance on Monday is 8277 where we would be tempted to sell for a quick turn and risk only 25 pts. Support is near 8225 a trade under augurs for a test of 8188 where day traders can buy for a bounce and risk 35 pts.

The June Swiss Franc

Long term traders Go short near 6997 or on a close under 6909 for a position and resumption of the down trend. Early support next week is near 6863 more support is near 6797 that will likely trade on any further decline.

Resistance Monday is near 6963 where we would sell for a turn lower and risk a 2- day close over 7000. A close under 6909 is negative for a slip to towards 6844 where we would buy for a bounce and risk 25 pts...

Trade Accordingly.

Sell June British near 161.50 if able and risk 100 pts or a two day close over 162.30.

Monday early Resistance is near 160.90 then 161.38 above that 16216 offers good sellers. Support is near 159.20 then 158.90 with our target below at 157.60...

June D-Mark our target is 5500 or lower by June. Resistance next week near 6013 where we would sell and risk a close over 60.40. Support is near 5913 then 5884 where we would buy for a bounce only with a risk of 30 pts.

Monday the June D-mark has Resistance at 59.66 then 6006 where we would sell for a turn Lower and risk only 20 pts. Support is near 5913 then 5880. A trade under 5880 is an indication that 5845 will trade....

Trade accordingly..

April Gold Protect all longs with a stop under 349.20 basis the close for two days in a row....! We will roll to the June Gold Shortly.. Be patient. Resistance is near 357.8 then 361.00. A close over 355 augurs for April gold trading into the 373 region where we would exit all longs....

Trade accordingly.

May Silver Longs should use a stop close under 514.0 for three days in a row to protect. We still feel one should Buy dips and Be long. Support is near 512.5 where we would have buy orders resting. Resistance is near 525.5 with then 530.5. A close over 532 tells us to add to longs and then sell into the 540 then The 561 region ( yes 561 ) if able.

Be long ....

May Copper Support Early next week in May Copper is 109.25 where we would go long for a bounce and hold on a close over 109.55, use a stop close under 108.20 since we want to buy there also.....Nearby resistance is at 113.50 then 114.90. If May Copper closes over 112.50 early this week look for 115.05 then 116.40 to trade

Trade Accordingly

July Platinum Support is near the 377.8 region where we would buy this week for a turn higher. Resistance is near 387.50 then 390.9..A close over 386 is friendly and we would be buyers if this happened for a turn towards 400. Still bullish ...

June Crude Oil.. If long June Crude , use a stop close under 2112 for three days in a row. Resistance is near 2175 then 2211 where we would sell to exit waiting to buy the next dip... Support is near 2112 then 2072 where we would buy for a bounce and risk 30 pts. Be long

May unleaded Longs from 6485 use a stop close under 6655 to protect your gains.

Support is near 6575 then 6495 we would for a bounce and risk 80 pts

Buy dips and sell some into a rally and hold the rest.....

June Heating Oil.

June Unleaded Longs from 5630 use a stop close under 5550 for two days in a row.

Support this week is near 5465 where we would buy for a bounce and risk a 80 pts. Resistance is near 5745 then 5935.

Trade Accordingly.

All longs in May Beans should use a stop close under 837 3/4 for three days in a row.... If you can handle it... May Beans set a contract high on Thursday. Then Dipped.... Our nearby targets were hit. Yet we recommend you still maintain a small long position If the May Beans go into a ‘Super Bull’ phase as coffee did we suspect they will trade into the 875 to 890 region

Support this week is near 824 to 822 then 816 where we would buy if able next week.

Monday, May Beans have support near 827 1/2 then 824 3/4 and 822 3/4 where we would Have buy orders waiting. Critical support will appear at 817 1/4 and 816 3/4.

Resistance on Monday is near 851 with more at 865.

A close over 852 augers for a spurt to 875 or higher...

Conservative Spreaders should continue to Buy September Beans and Sell November Beans...More hearty Traders can Buy August and Sell Nov or Jan...

If you have not put on any of these spreads we suggest only the Sep/ Nov.

July Bean-Meal has support near 263 where we would buy an early break for a bounce. Resistance is near 275 then 283. Be long for a move over 3.00!! Protection should set under 265.20 basis the close for three days in a row Trade accordingly...

July Bean Oil

Support is near 2461 Resistance is near 2542

Corn: spreaders can Buy Sept Corn and Selling Dec. Add if the spread closes 4 cents Sep over Dec...

Longs from near 299 3/4 to 300 1/4 use a stop close under 294 3/4 stop for two days.. Support is near 297 in July Corn. Buy there and risk a close under 289 1/2. Sell July 320 calls against the position to have a little protection. Resistance is near 305. Then 307 3/4 which should trade on any higher move this week.

We feel July Corn will start to accelerate up shortly to trade against 310 to 313.

If it holds....July Corn will test 327 3/4 shortly...

Be long....

Wheat:

May Wheat has support near 382 3/4 where we would buy this week for a turn higher. Risk a close under 380. Resistance is near 398 and 399 A close over 393 3/4 augurs for a test of the 410 to 411.

July Wheat Longs from (340 /345 region) for the Pull should use a stop under 376.5 basis the close for two days.

Resistance is near 394 a close over augers for a test of 401 then 412. Support this week is near 369 where we would buy and risk a trade under 361.

Be patient and long...

July Oats. Longs from 173 1/4 use a stop under 165 for three days This week Buy dips near 168 3/4 use a 10 cent risk ... look for a trade into the 210 region if the rally continues..

The Softs...

May Coffee This week May Coffee Has support near 155.30 this week where we would buy for a two day bounce, use a 300 pt closing stop. Resistance is near 168.60 then 176.20 where we would sell for a turn lower and risk 300 pts.

July Cotton acts sloppy, however support is near 7430 where we would buy as break for a bounce and risk 50 pts. Resistance is near 7755 where we would sell for a turn and risk 50- pts

May Sugar May Sugar has support near 1068 this week where we might like to probe the long side for a trade use a stop under 10.41. Resistance is near the 1123 then 1136 region where we sell and buy a set back.

Trade accordingly.

May Cocoa Longs should now use a stop close under 1440 for three days in a row To protect..

Support at 1443 where we would buy for a position and risk a close under 1419. Resistance is near 1493.

April Cattle: Longs from 6835 ish risk a close under 6777 for three days in a row.... Support is near 6790 where we would have buy orders waiting and use a 50 pt stop. Resistance is near 6865. Then 6907 and 6940 where we would sell some longs accumulated during the break. The upside Target is 7022.. Still Bullish,

June Hogs: Resistance is near 8237 where we would be a seller this week if able. Support is near 7877 where we would buy for a bounce and risk a trade under 7752. Trade accordingly.

May Bellies Buy a dip into the 7830 region if able Risk a close under 7727. Resistance is near 8255 this week we would sell Use a stop over 8387 basis a two day close.

Bonds

June Bonds longs use a stop under 108-09 basis the close to protect.

Resistance near 109-09 then 109-26 to 110-13 where we would go short for quick turn and risk 10 pts. Bonds have support near 108-16 and 108-09 where we would buy with for a bounce and risk 17 points. Be long on a close over 109.09, as close over 109-08 indicates to us the worst may be over...

SP 500

June SP500 For today: Early support is near 788.15 and 785.05 to 783.60 where would buy for bounce and risk 175 pts hold on a close over 783.60

Below that we have support at 779.50 where we would buy for a bounce. If that fails 777.70 should stop the break if the mkt is going to Retain Composure.

Resistance is early at 796.45 and 800.10 then 802.90 to 804.40 where we would sell for a quick turn lower and risk 85 pts.

A close or holding pattern over 795.50 to 796.70 would indicate a test of 799.10 then 802.90.

Happy Trading

Bill

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